Bitcoin’s next bull run seen by 2024?

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Are you holding any Bitcoin? If you are, you might want to hold on to it a little longer because according to one of the founders of Huobi, a huge cryptocurrency exchange known internationally, Bitcoin may not be able to witness a bull market until the fourth quarter of 2024 or early 2025, based on previous price cycles.

Bitcoin bull markets

This was the statement of Du Jun, who mentioned that Bitcoin bull markets are intimately linked to a process commonly known to traders as halving, which usually occurs every few years. This is mostly in reference to the Bitcoin network miners, who utilise or make use of powerful specialised computers to solve complex mathematical problems in order to validate transactions on the Bitcoin network. As a result, they are then rewarded with the coin.

Halving is said to be encoded into Bitcoin’s underlying code and reduces the incentive that so-called miners receive for validating transactions on the cryptocurrency’s network by half. It typically happens every four years or so. The crypto media portal Cryptona has a dedicated section for future value forecast of Bitcoin, see for yourself when the next bull run may happen.

The most recent halving occurred sometime in May 2020, and a time when Bitcoin reached an all-time high of moreover $68,000 in 2021. A similar incident occurred in 2016 when the halving was implemented. The next year, bitcoin reached a then-record high.

It could be recalled that Bitcoin plummeted after the aforementioned peaks. It is currently about 40 per cent off its record high from November. However, it is still of some of the lows witnessed in January. The next halving event is set to happen sometime in 2024.

Jun has stated that if this cycle persists, traders will find themselves in the early stages of a bear market. He also added that it is extremely difficult to predict because there are so many other factors that might affect the market, such as geopolitical events, which include war, as well as the pandemic.

He went on to say that if this cycle happens again, a bull market in Bitcoin would not be seen until the end of 2024. On the other hand, the recent decrease in cryptocurrency prices has some market enthusiasts overly concerned that a potential “crypto winter,” or lengthy spell of bearishness, maybe on the way. Bitcoin may trade in a sideways pattern at such times.